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Sole traders

If you’re a sole trader, you run your own business as an individual and are self-employed.

You can keep all your business profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes.

Step 1

When you begin trading, if you complete paper tax returns you may need to change the type of tax return you receive, if you currently complete the short return.

Request another tax return

The best way to file is online, as there is built in help and automatic calculations in the online tax return.

File online

There's no further action required unless you have also become an employer.

Employing staff

Step 2

You must keep accurate records of your income and expenditure during the year including: 

  • your sales and takings
  • your purchases and expenses
  • money taken out of your business for personal use

Record keeping if you’re working for yourself

Step 3

You should complete the self-employment sections on your next Income Tax return. It’s recommended to file online as the form can automatically calculate parts of the self-employment section saving you time. If you wish to file a paper return a copy will be sent to you providing you notified Revenue Jersey in step 1 (above).

If you're a Jersey resident for tax purposes, you must declare your business income from any sources including out of Island income arising from any trading activities.

Find further information on allowable business expenditure and capital allowances.

To estimate your tax bill use the tax calculator.

Step 4

If your income is mainly from self-employment, you'll be sent a payment on account request. This means you’ll need to pay your annual income tax in 2 instalments in May and November each year and any remaining balance by 30 November.

The 2 instalment payments will be based on your prior year’s tax bill. Unless you think your tax bill will be less than the prior year’s bill. For example, if you're not expecting to make much profit in the first year of trading, in which case you can ask for the instalment payments to be reduced.

If you receive self-employment and employed income, and your self-employed income is less than 3 times greater than your employed income, you should expect to pay tax via ITIS instead of by instalments.

Find out more information on tax payment on account.

Self-employed people and traders' tax information

File your personal tax return

Partnerships

This guidance covers general partnerships, where 2 or more people work together as partners using their own name or a business name and share the profits. This is the most common partnership type. Visit partnership income and tax if you’re a:

  • limited partnership
  • incorporated limited partnership
  • separate limited partnership
  • limited liability partnership

In a partnership, you and your partners personally share responsibility for your business including:

  • any losses your business makes
  • bills for things you buy for the business, like stock or equipment

Partners share the business’s profits and the tax.

Step 1

When you begin trading you must register with Revenue Jersey. Once registered you’ll be sent a partnership tax return at the end of each year where you declare the partnership income. Find more details on registering a partnership for tax.

Step 2

You must keep accurate records of your income and expenditure during the year including: 

  • your sales and takings
  • your purchases and expenses
  • money taken out of your business for personal use

Record keeping if you’re working for yourself

Step 3

Submit your partnership tax return. This return will show your partnership income and expenses. Revenue Jersey will attribute your partnership profit to each partner according to the profit-sharing agreement you provided when you registered the partnership for tax (partnership step 1 above).

Each share of the partnership profit is taxed at the same rate as the individual partners personal tax assessment but it is the partnership that pays the tax due.

Step 4

Individual partners must also submit their personal income tax returns. You’ll declare your share of the partnership profit again, as calculated at partnership step 3 above, along with all other sources of income. You’ll not pay tax on the partnership profit declared here as it's the partnership itself that pays any tax due.

Following consultation, there are proposals, which, if agreed by the States Assembly in December 2022, will amend steps 3 and 4 above. The changes will not affect the calculation of taxable profits. However, instead of the partnership being assessed and paying any tax due, each partner will be assessed on their share of partnership profits and will be personally responsible for any tax due on those profits.

File your personal tax return

For more details visit partnership income and tax.

Limited companies

A limited company:

  • is legally separate from the people who run it
  • has separate finances from your personal ones
  • has shares and shareholders or a ‘guaranteed amount’ and guarantors 

As the owner or a shareholder of a limited company, you must declare any income or benefits you receive from the company in your personal income tax return. This could include:

File your personal tax return

To estimate your tax bill use the tax calculator.

If your company pays you a salary or benefits you must register your company as an employer with Revenue Jersey:

  • your company will need to take monthly ITIS (tax) deductions from your salary and pay these to Revenue Jersey.
  • if you receive anything from the company other than your salary, the company must report it as benefits in kind. Including for example, a vehicle or accommodation.

Your limited company must also file its own annual corporate tax return.

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